Senior Credit Analyst, Lucror Analytics

Tanvi Arora

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


<ul>
<li>The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023.</li>
<li>In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market.</li>
<li>We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities.</li>
</ul>


The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023.
In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market.
We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities.


Adani Green Energy - Event Flash - US Charges Gautam Adani And 2 AGEL Executives

Leonard Law, CFA

Adani Ports & Special Economic Zone / Credit

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Adani Ports & Special Economic Zone (ADSEZ IN)

Adani Ports - Event Flash - US Charges Gautam Adani And 2 AGEL Executives - Lucror Analytics

Trung Nguyen

Vedanta Resources Limited operates as a diversified natural resource company. The Company extracts and process zinc, lead, aluminum, iron ore, copper, and silver, as well as focuses on oil and natural gas. Vedanta Resources serves clients worldwide.

Vedanta Resources (VRL) has launched a roadshow to market its USD 144A/RegS benchmark-sized notes (likely to be 5NC2 or mainly 5NC2, and/or 7NC3), with a potential total size of USD 1.5 bn. The proceeds will be used to refinance the USD 13.875% 2027 notes (USD 470 mn outstanding) and USD 13.875% 2028 notes (USD 1,008 mn outstanding). VRL has sent a conditional redemption notice to trustees of the 2027 notes and 2028 notes, assuming the proposed notes issuance is successful.​ VRL has concurrently launched a tender offer for the 2027 and 2028 notes.  We expect the proposed 5NC2 notes to price at c. 10%, and the 7NC3 notes at c. 11%.

  Vedanta Resources (VRL) has launched a roadshow to market its USD 144A/RegS benchmark-sized notes (likely to be 5NC2 or mainly 5NC2, and/or 7NC3), with a potential total size of USD 1.5 bn. The proceeds will be used to refinance the USD 13.875% 2027 notes (USD 470 mn outstanding) and USD 13.875% 2028 notes (USD 1,008 mn outstanding). VRL has sent a conditional redemption notice to trustees of the 2027 notes and 2028 notes, assuming the proposed notes issuance is successful.​ VRL has concurrently launched a tender offer for the 2027 and 2028 notes.    We expect the proposed 5NC2 notes to price at c. 10%, and the 7NC3 notes at c. 11%. 

Vedanta Resources - Event Flash - 5NC2/7NC3 Notes Offering - Lucror Analytics

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

Softbank Group (SBG) has launched a four-part benchmark-sized bond offering comprising USD and EUR notes. The proceeds will mainly be used for debt repayment, including the redemption of foreign currency-denominated bonds, as well as for general corporate purposes, including the maintenance of a cash position for the redemption of outstanding notes due over the next two years along with new investments. In particular, SBG will redeem its USD 766.8 mn 4.75% 2024 bonds (due September) early at par.

  Softbank Group (SBG) has launched a four-part benchmark-sized bond offering comprising USD and EUR notes. The proceeds will mainly be used for debt repayment, including the redemption of foreign currency-denominated bonds, as well as for general corporate purposes, including the maintenance of a cash position for the redemption of outstanding notes due over the next two years along with new investments. In particular, SBG will redeem its USD 766.8 mn 4.75% 2024 bonds (due September) early at par. 

Softbank Group - Event Flash - Launches Four-Part USD And EUR Bond Offering - Lucror Analytics

Lippo Malls Indonesia Retail Trust / Credit

Lippo Malls Indonesia Retail Trust is a real estate investment trust that invests in malls and other retail locations.

Lippo Malls Indonesia Retail Trust (LMRT SP)

Yesterday, Lippo Malls Indonesia Retail Trust (LMIRT) launched an exchange offer for the USD 7.25% 2024 notes maturing on June 19th, with an outstanding amount of USD 138.4 mn. The company has offered to exchange each of the USD 1,000 principal of the notes for USD 432 of USD 7.5% 2026 notes and a USD 600 cash payment. The funding will come from a credit facility of up to IDR 1.5 tn. We recommend that holders of the 2024 notes participate in the offer. Considering that it requires 70% of holders to take part, holding out could cause the transaction to fall through, with LMIRT then defaulting on the notes.

  Yesterday, Lippo Malls Indonesia Retail Trust (LMIRT) launched an exchange offer for the USD 7.25% 2024 notes maturing on June 19th, with an outstanding amount of USD 138.4 mn. The company has offered to exchange each of the USD 1,000 principal of the notes for USD 432 of USD 7.5% 2026 notes and a USD 600 cash payment. The funding will come from a credit facility of up to IDR 1.5 tn.   We recommend that holders of the 2024 notes participate in the offer. Considering that it requires 70% of holders to take part, holding out could cause the transaction to fall through, with LMIRT then defaulting on the notes. 

Lippo Malls Indonesia - Event Flash - Exchange Offer For 2024 Notes; Q1 Results - Lucror Analytics